When it comes to the Ethereum blockchain, a transaction is initiated by an external account owner rather than a contract. To illustrate, consider the scenario where User A sends 1 Ether to User B. This action, involving the debiting of funds from one account and crediting them to another, leads to a modification in the state of the blockchain.
The change brought about by a transaction occurs within the Ethereum Virtual Machine (EVM). When an Ethereum transaction is initiated, it must be broadcasted to the entire network. Any node within the network can send a request for the execution of a transaction on the EVM.
On the Ethereum network, various types of transactions exist, each serving a specific purpose. Some of the common types of transactions include:
- Value Transfer Transactions: These transactions involve the transfer of Ether ($ETH) or other tokens between Ethereum addresses. Users can send or receive digital currency through these transactions
- Contract Deployment Transactions: When deploying a smart contract onto the Ethereum blockchain, a contract deployment transaction is used. This transaction includes the necessary code and data to create a new smart contract on the network
- Contract Interaction Transactions: These transactions are used to interact with existing smart contracts on the Ethereum blockchain. Users can execute specific functions within a contract, providing inputs and receiving outputs as per the contract’s defined behavior
- Token Transfer Transactions: Ethereum’s ecosystem supports the creation of various tokens using the ERC-20 or ERC-721 token standards. Token transfer transactions enable the exchange or transfer of these tokens between addresses
- Contract Calls: Contracts can have functions that perform specific tasks. Contract call transactions invoke these functions, allowing users to interact with the contract’s logic and retrieve information or trigger actions
- Transaction Batching: Batching involves combining multiple transactions into a single transaction, reducing the number of individual transactions sent to the network. This can optimize gas costs and improve efficiency by executing multiple actions within a single transaction
Step 1: Select an Ethereum Blockchain Explorer
There are several Ethereum-focused blockchain explorers available, including:
These explorers are specifically designed to provide detailed information and insights into the Ethereum blockchain.
On the other hand, there are also blockchain explorers like Blockchain.com and TokenView that support multiple blockchain networks, including Ethereum. These explorers offer a broader scope, allowing users to explore and analyze transactions, addresses, and blocks across different blockchain platforms in addition to Ethereum.
Step 2: Enter the Transaction Hash into the Blockchain Explorer’s Search Field
A transaction identifier, commonly referred to as a TxID, serves as a unique identifier associated with a particular transaction. Each transaction conducted on the blockchain, whether it involves on-chain activities or transfers to and from external addresses, is assigned a distinct TxID.
Depending on the platform or wallet being used, the transaction identifier may also be referred to as a ‘hash’ or ‘Txn Hash’ which typically appears as an alphanumeric string consisting of random letters and numbers. For instance, on platforms like MetaMask, users can easily view the TxID by navigating to the ‘Activity’ tab and selecting the specific transaction of interest.
In addition to the transaction identifier (TxID or Hash), traders can utilize their public address to access an overview of their wallet activities. A public address is a string of 42 characters that corresponds to their public Ethereum account. This provides them with the ability to independently navigate to specific transactions within their wallet and obtain a comprehensive view of their transactional activities and associated details.
Step 3: Click the Icon for ‘Search’ or ‘Enter’ on the Blockchain Explorer
Entering a public address reveals the address’ information, balances, and transfers.
Step 4: Check if the Transaction was Successful or Not
To determine the success of an Ethereum transaction, you can rely on the information provided by a blockchain explorer. By searching for the transaction’s details on a blockchain explorer, you will find indicators that reflect the state of the transaction.
If the transaction has been successfully validated and added to the blockchain, it will typically be labeled as ‘success’ or ‘successful.’
On Etherscan, successful transactions are marked with a green button and a check button that says ‘Success.’
In the absence of any error messages or indications of issues, it is generally safe to assume that the transaction has been successfully completed. Once a transaction has been validated and confirmed on the Ethereum blockchain, the Ether ($ETH) should be credited to the destination wallet or exchange account within 24hrs.
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